One of the questions we get asked a lot is should I grow my business? There’s a lot that goes into growing a business. At the end of the day, the question is, are you growing the business from vanity metric that you’re trying to make your business appear bigger and appear that you have a more profitable business? Are you growing it to make more profit? Or are you growing it because you’ve got a passion to be something that you will have something that you can hold on to and pass down to your kids?
So should you grow your business is a three-pronged question. My answer to you is it depends and it really depends on you. Growing your business comes with complexities, it comes with, perhaps impacts on your personal time, but ultimately, the rewards can be amazing. Just remember that in growing a business, it’s not always about growing revenue, that you need to keep an eye on your expenses. Generally as your revenue grows, your overhead grows. This means we’re not just looking at the big sales numbers, we need to also look at profitability.
If you’re not doing something that’s not going to increase the profit for your business, or decrease the time that you need to spend in it, it’s probably a mandatory vanity metric. And my suggestion would be no, don’t do it. If it is to increase profits, and it is to give you a bit of work life balance, or to give you the ability to invest and do other things, then the answer is yes, go for it.